Chia Tai Enterprise has announced plans to acquire Shanghai Lotus Supermarket Chain Store Company and its 19 stores for HK$2.8 billion ($38.03 million), according to sources today.

Before the acquisition, Shanghai Lotus sold 22 stores that were in a not so good condition for HK$7.17 billion to CPH. Chia Tai Group said that they enjoyed the priority in buying these stores when CPH wants to sell them.

With the completion of transaction, Chia Tai Enterprise will have 40 Lotus stores, including those in Shanghai, with a total business area of 610,000 square meters and it will become a main force of Chia Tai Group to manage and operate the Lotus malls.